High street stationery retailer Paperchase has fallen into administration, putting the future of its 106 stores at risk.

The company, which employs hundreds of workers, has appointed administrators from Begbies Traynor to oversee the insolvency process.

Winchester has a Paperchase branch in St George's Street, but it is currently unclear it will be one of the 106 at risk.

Tesco has announced a deal to buy the brand and intellectual property from the insolvency specialists.

It comes after Paperchase failed to secure a buyer after being placed on the market by retail veteran owner Steve Curtis.

The administrators said: “On January 31, Mark Fry, Kirstie Provan and Gary Shankland, of Begbies Traynor, were appointed as joint administrators of Aspen Phoenix Newco Limited, which trades as Paperchase.

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“Unfortunately, despite a comprehensive sales process, no viable offers were received for the company, or its business and assets, on a going concern basis.

“However, there has been significant interest in the Paperchase brand and attendant intellectual property.

“The joint administrators will continue trading the company’s operations in the short term, with all stores remaining open and trading as normal.”

Jan Marchant, managing director of home and clothing at Tesco, said: “Paperchase is a well-loved brand by so many and we’re proud to bring it to Tesco stores across the UK.

“We have been building our plans to bring more brands and inspiration to the ranges we currently offer and this will help us to take those plans further.

“We look forward to sharing more with our customers in due course.”

Paperchase has been asked if this will impact the Winchester store.